Triest Talk

According to the National Association of Insurance Commissioners (NAIC) in a 2015 study the average home insurance premium was $1034. The study was completed in 2015 but the data is from 2012. Florida was listed as the most expensive state to insure the average home at $2.084. That's probably seems right since Florida is also the most likely state to have a hurricane. Good news for us in South Carolina is that we weren't listed in the top 10 ! To use an average to state the cost of insurance in coastal South Carolina or more specifically Charleston is not an valid measure. We have homes located on the barrier islands of Kiawah, Seabrook, Sullivans Island, Folly Beach and the Isle of Palms that have extremely high values which would skew the average. Its not unusual for home insurance on these islands to cost $15,000 or more. Fortunately at Triest Agency we have the most competitive insurance carriers and markets available for these types of homes. It wouldn't seem logical that insurance companies would want to insure on these islands and more so to compete against each other for the business but that's exactly what's happening. By being a broker I can access markets like Lloyds of London to get the best premiums. Interestly most people don't know that Lloyds of London is not an insurance company. Lloyds is a syndicate made up to many different groups. A Lloyds of London quote from one of our surplus lines markets will be different than a Lloyds of London quote from another. Why? They're using different syndicates. On the barrier islands the highest percentage of the premium charged for a home insurance policy including wind coverage is for the wind coverage. That makes perfect sense since these homes will bear the biggest brunt of the devastating winds from a hurricane.

If I were to give my opinion about the average home insurance premium in Charleston then I need to exclude the barrier islands but also segment areas like historic Charleston, Johns Island, James Island, Mt Pleasant east of Hwy 17 and Mt Pleasant west of Hwy 17 and West Ashley. Rates vary based on these area. The cost to insure a home in West Ashley may be less than the cost to insure the identical home in Mt Pleasant on the east side. This part makes little sense to me but the state has broken up parts of Charleston into low risk and high risk wind zones. You can go to the SC Wind & Hail Underwriting Association website at http://www.scwind.com/eligibilitycheck.asp to see where your home falls. Even though homes in West Ashley are subject to wind damage they're not classified as a wind zone 1 or 2 by the state. Neither is the west side of Mt Pleasant. James Island is a little tricky so it is best to plug the address into the wind zone site to find if a particular home is located in Zone 1 or 2 or not in a wind zone

Fortunately for shoppers of homeowners insurance in greater Charleston Triest Agency represents extremely competitive markets for home insurance. The best way to access your home's premium or a home that you're considering buying is to call Triest Agency at 1052 Gardner Road, Charleston, SC 29407 at 843-556-6232. Our Account Executives can provide quotes that are sure to please even the most price conscious shopper.